Gov't pushes fresh package of investment stimuli

[3/12/2018 3:36:52 PM]

AMMONNEWS - As part of an ambitious national drive to revitalize the economy and lure in investments, the Government on Monday endorsed a range of stimuli and measures designed to facilitate business-doing mainly targeting non-Jordanian investors residing in the Kingdom and holders of temporary passports.

Prime Minister Hani Mulki said during the cabinet's weekly meeting that the decision and measures taken today aim at spurring growth in key economy sectors, especially in the real estate sector, and attracting foreign capital as part of the Jordan Economic Growth Plan.

Under the measures approved today, companies, owned by non-Jordanian investors residing in the Kingdom before 1-3-2018, holders of temporary passports and companies they have shares in, to own property and vehicles they need to facilitate their businesses, in accordance with Articles (11 and 12) of the Lease and Sale of Immovable Assets to Non-Jordanian and Legal Persons Law No 47 of 2006.

The cabinet also approved that non-Jordanians residing in the Kingdom and holders of temporary passports, who own operating companies the paid-up capital of which shall not be less than (JD300,000) or shareholders whose stake in the company shall not be less than (JD300,000), can own a property of not less than (JD200,000) within the Amman Greater Municipality boundaries, and about (JD150,000) in other regions of the Kingdom.

Residents and holders temporary passports shall not be exempted from property registration fees approved in previous government's decision, which stipulated that such exemption shall be limited to Jordanians only.

Furthermore, the cabinet instructed the Interior Minister to allow investors, who own operating companies or shareholders under the above conditions, to obtain Jordanian driving licenses (private category) and own a maximum of three vehicles for companies, in addition to allowing non-Jordanians residing in the Kingdom and holders of documents and temporary passports to obtain a private driver's license and owning one car only.

The government also endorsed a number of decisions to promote medical tourism in Jordan and facilitate the entry of patients from various number of countries around the world. In this context, Nigerian nationals seeking treatment shall have their paper work finalized in two business days while urgent cases will be granted entry visas in the same day.

Additionally, permanent residents - from all nationalities - of GCC countries, the USA, Canada, Australia, Japan, EU countries, Switzerland, the UK and South Korea, may now have their entry visas issued borders crossings upon arrival, provided that they have valid residency documents for a period of not less than six months, in addition to a ticket containing the date of return.

On the other hand, the cabinet decided to suspend the free trade agreement with Turkey, based on a recommendation by the Minister of Industry, Trade and Supply.

The government said the decision came to avoid further adverse effects on the national industrial sector given "unequal competition" from Turkish government-supported industries.

It also added that the decision was taken in light of the challenges facing the Jordanian industrial sector due to the closure of border crossings with neighboring countries and the decline of traditional export markets to national exports.

The agreement, which came into force in 2011, did not delivered the desired results, but sent trade balance heavily in favor of the Turkish side, while the Turkish side did not make a significant difference in the volume of Turkish investment flows to Jordan.